Panama: Yacht Registration, Boat- Ship-Vessel
Registration

Panama Has the Largest
Shipping Registry in the World

The Republic of Panama has the largest and most
popular shipping registry in the world today. Over the years,
international shipping companies have flocked to Panama to take
advantage of the low registration taxes and fees applied by the Panama
government as compared to other countries.

Panama Ship Registration

All vessels are subject to a
one-time enrollment fee that is based upon a variable scale, plus a
government fee, at the time of registration. Registration of the bill of
sale is $0.20 per net ton
registered or fraction thereof plus a
20% surtax. The annual tax that
is due is $0.10 per net ton plus other charges. All
international shipping income is exempt from Panama taxes.

Panama Yacht Registration

Registration certificates for yachts in Panama are
issued for 2 year periods and must be renewed every 2 years for as long
as the yacht is registered in Panama.

Documents Required For Registration

Purchase & Sale Agreement, Bill of Sale or a Builder's
Certificate if the boat is new

Power of Attorney (to our law firm)

Deletion Certificate from the previous registry or Builder's
Certificate if the boat is new

Vessel Registration Process

Panama's Maritime office will issue a "temporary"
Provisional Navigation License which is valid for a 6 month period and
can be renewed. Within this 6 month period the applicant needs to apply
for a "permanent" or Definitive Navigation License which is valid for a
2 year period.

All boats registered in Panama must also meet the Radio Operator
licensing requirements. First, a "temporary" Provisional Radio Operator
License will be issued which is valid for a 3 month period. A
"permanent" Definitive Radio Operator License must be obtained within
this first 3 month period or fines are imposed until the Definitive
Radio Operator License is acquired.

If the yacht is over 20 years of age it will also be required to undergo
a safety survey and other safety requirements.

Anonymous Yacht Ownership Using Panama Bearer Share
Corporations

In order to have anonymous ownership for your
Yacht or vessel in Panama you will need to first incorporate a Panama
corporation in bearer share form. Use our law firm and nominee directors
to set up the bearer share corporation and file all of the proper
paperwork on your behalf ensuring your name stays out of any public
registration databases. This allows you to maintain total control over
the Panama corporation and boat ownership anonymously. Additional layers
of privacy protection can be achieved by having a Panama Foundation own
your Panama Corporation. Call us for more details.

Since your corporation is in bearer share form you can easily transfer
the boat ownership by simply selling the corporation and share
certificates to another party. No record of the transaction needs to be
recorded nor any taxes paid in Panama upon completion of the sale.

Registration of Ships and
Yachts in Malta

Why should you register
your yacht or ship in Malta?

Registration of ships and yachts under the Maltese flag offers many
advantages:

effective tax rate of 4.17% and VAT exemption for chartering of
commercial yachts

no restrictions on the nationality of the master, officers and
crew

no restrictions or taxation on the sale or transfer of shares of
a company owning Maltese registered ships

no restrictions or taxation on the sale and mortgaging of
Maltese registered ships

no trading restrictions and preferential treatment to Maltese
ships in certain ports

Any vessel can be
registered under the Maltese flag provided it is owned by a Maltese
registered company or by a person habitually resident in Malta.

The formation of a
Maltese company is a straightforward operation and can be taken care of
by this firm, usually within a few hours. There are no nationality
requirements as to both the shareholders and directors and usually the
real ship or yacht owner will be the shareholder and director of the
company. The company will have its registered office at our own
address, unless you have another preference and we will be the company's
authorized representative in Malta so that we will take care of all the
company's administration in Malta.

A vessel is first registered provisionally under the Malta flag for six
months during which period all documentation must be provided and the
vessel will then be registered permanently.

To register your yacht
provisionally under the Maltese flag we will need from you

a power of
attorney from the owner authorizing us to register the company
and the vessel; this is a form
we can provide the form by e-mail or fax as you prefer;

details of
your yacht on a form we can provide the form by e-mail or fax as
you prefer;

The provisional
registration is valid for six months. In order to register your
yacht permanently under the Maltese flag, you must provide the following
documents within six months from provisional registration:

yacht
survey certificate from an authorized surveyor in the port where
the yacht lies attesting the yacht's seaworthiness; should your
surveyor have difficulty in obtaining the official Malta
Maritime Authority form
then a survey certificate form can be provided

only if your
yacht is more than 24 metres in length, we will need an
International Tonnage Certificate

a bill of sale
showing that your Maltese company has bought the yacht; or a
builder's certificate in the name
of the Maltese company if the yacht is new or has never been
registered anywhere previously

a radio
installation form and a radio licence application which we will
provide to you after provisional
registration which must be filled in by an authorized surveyor
in the port where the yacht lies.

a Carving and
Marking note from an authorized surveyor in the port where the
yacht lies; this is a form which
we will provide after provisional registration

if the yacht
has been registered previously outside of Malta, a certificate
showing cancellation of registry from that last country of
registry (deletion certificate)

No other documentation
will be required.

Commercial Yacht registration

To register your yacht provisionally under the
Maltese flag we will need from you

a power of attorney from the owner authorizing us to
register the company and the vessel; this is a form can provide
by e-mail or fax as you prefer;

details of your yacht on a form we can provide by e-mail or
fax as you prefer;

an MCA Certificate of Survey issued by a classification
society

if your yacht is more than 24 metres in length, we will need
an International Tonnage Certificate and a Load Line Certificate
also issued by a classification society

The provisional registration is valid for six months. In order
to register your yacht permanently under the Maltese flag, you must
provide the following documents within six months from provisional
registration:

yacht survey certificate from an authorized surveyor in the
port where the yacht lies attesting the yacht's seaworthiness;
should your surveyor have difficulty in obtaining the official
Malta Maritime Authority form then a survey certificate form can
be provided

a bill of sale showing that your
Maltese company has bought the yacht; or a builder's certificate
in the name
of the Maltese company if the yacht is new or has never been
registered anywhere previously

a radio installation form and a radio licence application
which we will provide to you after provisional
registration which must be filled in by an authorized surveyor
in the port where the yacht lies.

a Carving and Marking note from an authorized surveyor in
the port where the yacht lies; this is a form which we will
provide after provisional registration

if the yacht has been registered previously outside of
Malta, a certificate showing cancellation of registry from that
last country of registry (deletion certificate).

No other documentation will be required. It is worth
pointing out that the operation of commerically registered yachts for
chartering purposes using a Maltese company is very tax advantageous.
Profits from chartering are taxed at 4.17%, there is no VAT on
chartering contracts and VAT paid on purchases by the Maltese company
can be reclaimed.

Ship
registration

Since March 2000, no trading ships over 25 years will be registered.
Trading ships between 20 and 25 years old must pass an inspection
before provisional registration; Trading ships between 15 and 20 years
old must pass an inspection by an authorized flag state inspector within
one month of provisional registration.

To register your ship
provisionally under the Maltese flag we will need from you

a power of
attorney from the owner authorizing us to register the company
and the vessel which we
can provide the form by e-mail or fax as you prefer;

details of
your ship which you can provide on the details form which we can
provide the form by e-mail
or fax as you prefer;

a bill of sale
showing that your Maltese company has bought the ship or a
builder's certificate in the
name of your Maltese company if the ship is new or has never
been registered anywhere previously

a Document of
Compliance and Safety Management Certificate showing the new
ship manager's detail;
if the safety management certificate is not available, the
classification society must state that the
certificate will be issued on registration.

Once provisional
registration is complete, Malta Maritime Authority will issue a
Certificate of Provisional Registration, a Minimum Safe Manning
Certificate and, in the case of tankers, a CLC (Blue Card) Certificate.

To register your ship
permanently under the Maltese flag, you must provide the following
documents within six months from provisional registration:

a Carving and
Marking note from an authorized surveyor in the port where the
yacht lies; this is a
form which we will provide to you after provisional registration

a radio
installation form which must be filled in by an authorized
surveyor in the port where the ship
lies and a non-GMDSS radio licence application for vessels under
300 gross tons; for vessels over
300 gross tons a GMDSS radio licence application is needed and
if required, an immarsat application;
we will send you these documents following provisional
registration

a
cancellation of registry certificate from the last country of
registry (deletion certificate)

a Certificate
of Survey and an International Tonnage Certificate issued on
behalf of the Maltese
authorities

a certificate
of class

a crew list
accompanied by photocopies of the officers' competency
certificates and valid
STCW endorsements